Gold buyers look to regain control above $1,700
Gold prices extend pullback from a one-week low of $1,717.34, flashed the previous day, to currently around $1,727.40 during Friday’s Asian session. Although the US dollar recovery seems to cap the yellow metal’s rise, escalation of the US-China tussle and the coronavirus (COVID-19) keep the bullion’s safe-haven demand intact.
Following China’s indirect warning to the US, from the 13th National People's Congress, the tussle between the world’s top two economies intensified while including the Hong Kong issue as an additional point.
|Today last price||1728.66|
|Today Daily Change||0.95|
|Today Daily Change %||0.05|
|Today daily open||1727.71|
|Previous Daily High||1749.14|
|Previous Daily Low||1717.34|
|Previous Weekly High||1751.8|
|Previous Weekly Low||1690.05|
|Previous Monthly High||1747.82|
|Previous Monthly Low||1568.46|
|Daily Fibonacci 38.2%||1729.49|
|Daily Fibonacci 61.8%||1736.99|
|Daily Pivot Point S1||1713.65|
|Daily Pivot Point S2||1699.6|
|Daily Pivot Point S3||1681.85|
|Daily Pivot Point R1||1745.45|
|Daily Pivot Point R2||1763.2|
|Daily Pivot Point R3||1777.25|
Gold Asia Price Forecast: XAU/USD consolidates gains above $1700/oz
XAU/USD is consolidating the recent gains while trading above $1700 per troy ounce and the 100/200 SMAs on the four-hour chart. XAU/USD is likely to stay supported with bulls trying to regain the 1740 level initially followed by the 1780/1800 price zone. Occasional retracements should find support near the 1690/1700 price zone and the 1660 level.
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